Venezuela’s Whopping Oil Reserves

Posted on Jan 23, 2010

A new assessment by the U.S. Geological Survey says that Venezuela’s oil reserves could be double those of Saudi Arabia, a finding that could significantly alter the world’s geopolitical stage and crude oil market. —JCL

The BBC:

A new US assessment of Venezuela’s oil reserves could give the country double the supplies of Saudi Arabia.

Scientists working for the US Geological Survey say Venezuela’s Orinoco belt region holds twice as much petroleum as previously thought.

The geologists estimate the area could yield more than 500bn barrels of crude oil.

This assessment is far more optimistic than even the best case scenario put forward by President Hugo Chavez.